Why was there an economic boom in the 1920s?

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Presentation transcript:

Why was there an economic boom in the 1920s? 28 April 2017 Why was there an economic boom in the 1920s? Objective: Know the reasons for the economic boom Why was there a boom? Natural resources First World War New technology Confidence Policies of Presidents Mass production Mass marketing Credit Collins page 22 - 23

Use pages 26-27 to read about each factor. Look at the Task on page 28 where the sentences match a factor. Write no more than 2-3 sentences or bullet points for each factor BUT include the correct sentence from the task on page 28

1. Natural Resources The USA is blessed with huge resources of Land Coal Minerals People All of which are essential for the economy to develop, providing the materials growing industries require

2. WW1 America had supplied Europe with essential supplies during the war and taken over European markets. In some areas the USA was now a world leader e.g chemicals This all gave American industry a flying start to the beginning of the 1920s and also encouraged development in new technology.

3. New Technology The post war era was a period of innovation (inventions) e.g in plastics, glass tubing. It made new industries possible and helped to modernise old ones. Underpinning all the changes was the development of electricity –it was cheaper, more efficient and led to the production of new consumer goods such as vacuum cleaners, refrigerators and radios.

4. Confidence Americans were confident that the economy would continue to be strong and were happy to invest, buy goods and shares and borrow money. Confidence provided the right frame of mind in which developments could take place

5. Policies of the Presidents Laissez Faire and Protectionism lowered taxes, put up tariffs and meant businesses had the chance to expand without government restrictions.

6. Mass Production Use of the ‘magic belt’ and the assembly line sped up the large scale production of goods and made them cheaper. E.g. Ford Motor cars It meant more people could afford to buy cars and goods

7. Mass Marketing Mass production meant good needed a ‘Mass market’. Companies like Coca-Cola showed how huge profits could be made by spending money on advertising. It encouraged people to buy many more products. As President Coolidge said; “Advertising makes new thoughts, new desires, new actions. It is the most powerful influence in adapting and changing the habits and way of life, affecting what we eat, what we wear and the work and play of a whole nation”

8. Credit Credit meant people could borrow money to pay for goods and then pay it back (e.g. hire purchase) It meant people could buy products even if they did not have enough money.